Saudi Arabia Says No Talks on OPEC+

FILE PHOTO: An OPEC sign outside the headquarters of the Organization of the Petroleum Exporting Countries (OPEC), Austria, December 6, 2019. REUTERS/Leonhard Foeger/File Photo
FILE PHOTO: An OPEC sign outside the headquarters of the Organization of the Petroleum Exporting Countries (OPEC), Austria, December 6, 2019. REUTERS/Leonhard Foeger/File Photo
TT
20

Saudi Arabia Says No Talks on OPEC+

FILE PHOTO: An OPEC sign outside the headquarters of the Organization of the Petroleum Exporting Countries (OPEC), Austria, December 6, 2019. REUTERS/Leonhard Foeger/File Photo
FILE PHOTO: An OPEC sign outside the headquarters of the Organization of the Petroleum Exporting Countries (OPEC), Austria, December 6, 2019. REUTERS/Leonhard Foeger/File Photo

Saudi Arabia said on Friday it was not in talks with Russia to balance oil markets despite an attempt by Moscow to increase the members of the so-called OPEC+.

“There have been no contacts between Saudi Arabia and Russia energy ministers over any increase in the number of OPEC+ countries, nor any discussion of a joint agreement to balance oil markets,” an official from Saudi Arabia’s energy ministry was quoted as saying by Reuters in reference to the wider grouping of oil producers.

The comment came after a senior Russian official said on Friday that a larger number of oil producers could cooperate with OPEC and Russia.

“Joint actions by countries are needed to restore the (global) economy ... They (joint actions) are also possible in the OPEC+ deal’s framework,” said Kirill Dmitriev, the head of Russia’s sovereign wealth fund.

A three-year deal between OPEC and Russia broke down earlier this month after Moscow declined to support bigger output curbs, arguing that it was too early to estimate the coronavirus pandemic’s impact.

Based on contacts "we see that if the number of OPEC+ members will increase and other countries will join there is a possibility of a joint agreement to balance oil markets,” said Dmitriev.



Albudaiwi: Advantage Oman Forum Offers Valuable Investment Insights

Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi
Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi
TT
20

Albudaiwi: Advantage Oman Forum Offers Valuable Investment Insights

Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi
Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi

Secretary-General of the Gulf Cooperation Council (GCC) Jasem Mohamed Albudaiwi said that the Advantage Oman Forum is a valuable opportunity offered by Oman to discuss and review investment opportunities and initiatives, as well as future transformations in promising sectors in this field.
This came during Albudaiwi's participation in the first edition of the Advantage Oman Forum, which was held under the patronage and attendance of Omani Deputy Prime Minister for Defense Affairs Sayyid Shihab bin Tarik Al Said, and in the presence of a number of ministers of the GCC countries, Sunday in Muscat. A group of senior officials and decision-makers participated in the forum, SPA reported.
The Secretary-General stated that Oman's Organisation of this forum reflects the insightful vision of the wise Omani leadership to strengthen the national economy and attract global investments, thus contributing to achieving sustainable development goals. He also praised the forum's activities and the workshops as well as the dialogue sessions it included, which provide the elements of success and sustainability for this forum, making it a regional and international platform and a destination for those interested in economic and investment affairs in Oman.
Furthermore, Albudaiwi added that Oman, with its attractive investment environment, advanced infrastructure, well-thought-out economic policies and significant economic, in addition to investment growth indicators, has become a destination for investors from around the world, stressing that this strengthens its position as a key pillar in the economies of the GCC countries and supports the council's aspirations for regional economic integration.
The Secretary-General concluded his statement by expressing his confidence that the forum will achieve positive results that will contribute to expanding the horizons of economic and investment cooperation between the GCC countries and the world, and support the comprehensive development process in the region.